New York, NY, May 14, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Footwear Market by Product (Athletic and Non-Athletic), by Material (Rubber, Leather and Plastic), by End-User (Men, Women and Kids) and by Distribution Channel (Online Sales, Supermarkets and Hypermarkets, Independent Retail Stores and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023”. According to the report, global footwear market was valued at approximately USD 246.07 billion in 2017 and is expected to generate revenue of around USD 320.44 billion by the end of 2023, growing at a CAGR of around 4.5% between 2017 and 2023.
Footwear is intended to protect and comfort the human foot while doing various activities and against environmental adversities like weather, rocks, etc. The design of footwear has varied enormously through time and from culture to culture, originally being tied to function. Footwear widely varies in style, complexity, and cost and also according to the weather of the particular region. Footwear was initially made from wood, canvas, or leather, but nowadays footwear is manufactured by using rubber, plastics, and other petrochemical-derived materials. Due to advancements in manufacturing processes, technology innovation, and integration, comfortable shoes are being continuously developed at in order to keep pace with the growing demand for the footwear products worldwide.
Browse through 71 Tables & 32 Figures spread over 110 Pages and in-depth TOC on "Global Footwear Market Size & Share 2017: Industry Segments, Trends and Forecast, 2023”.
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The global footwear market is segregated on the basis of product, material, end user and distribution channel. The product segment is bifurcated into athletic footwear and non-athletic footwear. Athletic footwear segment includes running and cross training shoes, soccer/football shoes, hiking shoes, and others. The non-athletic footwear segment is sub-segmented into casual footwear, military boots, and others. On the basis of material, the footwear market is divided into rubber, leather, plastic, and others. Based on the end user, the market is segmented into men, women, and kids. The footwear market based on distribution channel is divided into online sales, supermarkets and hypermarkets, independent retail stores and others.
North America is expected to dominate the global footwear market. In terms of revenue, in 2017, North America led the market holding approximately 34% of the revenue share of the global footwear market. Growing number of athletes and the urge to stay fit and active are the main factors driving the growth of footwear market in this region. Also, growing fashion consciousness and innovation in product designs are some other factors driving the growth of the market.
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Europe is expected to show significant growth in the years to come due to constantly changing fashion trends. Increase in popularity of sports footwear and need for maintaining fitness has resulted in the growth of the footwear market in this region. Growing advancements in the footwear manufacturing industry is also responsible for the increase in demand of footwear in this region.
Asia Pacific, in terms of revenue, held approximately 29% of the total market share in the year 2017. Due to regions like China and India, which manufactures and exports the footwear to regions like United States and United Kingdom there is a rapid growth expected in this region. Escalating sports activities, adoption of western culture, and availability of cost efficient products are some of the driving factors for the growth of footwear market in Asia Pacific.
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Middle East and Africa and Latin America are expected to witness the least growth in comparison to other regions. The anticipated economic improvement and advancements in products in these regions are expected to aid the growth of the footwear market in the future.
Some of the key players in the global footwear market include Adidas AG, Nike Inc., New Balance Inc., Puma SE, Asics Corp., Bata Ltd., Skechers USA Inc., Deichmann SE, Jack Wolfskin, Columbia Sportwear Company. Major players are frequently engaged in innovating and conceptualizing new designs to keep the pace with the changing demand of consumers.
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This report segments the global footwear market as follows:
Global Footwear Market: Product Segment Analysis
Global Footwear Market: Material Segment Analysis
Global Footwear Market: End-User Segment Analysis
Global Footwear Market: Distribution Channel Segment Analysis
Global Footwear Market: Regional Segment Analysis
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